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Today, Cambodia celebrates a milestone in its economic history: 20 years of commitment to the World Trade Organization (WTO).
Since its membership on October 13, 2004, the country has been able to take advantage of the opportunities offered by this organization, propelling its access to global markets and stimulating its growth.
This journey demonstrates the efforts made by the Kingdom to fully integrate into the international trade system and diversify its exports. Looking back, this anniversary is an opportunity to highlight the impressive achievements and economic transformations that have worked for Cambodia’s sustainable development.
Cambodia celebrates a milestone in its history: 20 years of commitment within the World Trade Organization (WTO). Since its official entry on October 13, 2004, this commitment has been essential for the economic development of the Kingdom. Membership in the WTO opened crucial doors for its exports, while fostering reforms that strengthened its position on the international trade scene.
Membership and its benefits
Become the 148th member of the WTO has enabled Cambodia to considerably improve its access to international markets. The implementation of the most favored nation clause and the special and differential treatment for developing countries have been valuable tools to boost Cambodian exports. Thanks to these measures, Cambodia has seen a diversification of its export products, encompassing electronics, rice, rubber, and many others.
The economic impacts of membership
Since 2004, Cambodia has recorded impressive growth of its Gross Domestic Product (GDP). Indeed, GDP increased from 5.3 billion US dollars to 29.61 billion dollars in 2022. The volume of trade experienced a similar trajectory, going from 4.5 billion dollars in 2004 to 46.82 billion dollars in 2023. These figures illustrate the dynamism of Cambodian trade on the world stage
Furthermore, membership of the WTO has played a crucial role in the fight against poverty. The poverty rate fell from 60% in 2000 to 16% in 2022. These achievements demonstrate the notable progress made in terms of human development and access to economic opportunities for the Cambodian population.
A commitment to sustainable development
Cambodia aspires to move out of the category of least developed countries by 2030. To achieve this, the Kingdom continues to implement trade reforms and policies promoting investment. The WTO also provides a sober platform for discussions and negotiations on trade policies, thereby creating an enabling framework for healthy and sustainable trade.
A promising future within the WTO
In celebrating 20 years in the WTO, Cambodia is not only looking back at the past, but also looking forward with optimism to the future. Ongoing efforts to integrate practices of fair trade and the global standards in its trade policies are strong elements which chart a promising path for the country on the international stage. Through engagement and collaboration, Cambodia continues to evolve as a key player in the global trade landscape.
To learn more about Cambodia’s achievements, you can read additional articles at South East Asia or on the website of Ministry of Foreign Affairs. In-depth studies are also available on the website the World Bank. Speeches and results of recent WTO conferences can be viewed on the official WTO website here.
Looking for a more detailed analysis of Cambodia’s 20 years of engagement in the WTO? Refer to the publications directly accessible on the WTO or explore thoughts on the two decades of the WTO.
- Date of membership: October 13, 2004
- Member number: 148
- GDP in 2004: $5.3 billion
- GDP in 2022: $29.61 billion
- Volume of trade in 2004: $4.5 billion
- Trade volume in 2023: $46.82 billion
- Total exports in 2023: $22.64 billion
- Poverty rate in 2000: 60%
- Poverty rate in 2022: 16%
- Objective : Graduation from the LDC category by 2030